Keller worked at Barclays since September 2005, having joined as a graduate after completing an MPhil in finance and accounting at Cambridge University.

He’s the latest senior banker to depart from Barclays, though. Barry Meyers, its head of UK ECM, signed up to J.P. Morgan to lead its sub-Saharan Africa business, according to Financial News. Meanwhile, Julian Macedo, its co-head of CEEMEA equity capital markets left last February and set up his own boutique, The ECM Team, in November.

It was a tough year for ECM bankers in 2016, particular in EMEA where volumes dropped by 37% to $175.3bn – down from $279.6bn in 2015, according to Dealogic. Barclays’ didn’t drop significantly last year – it remained in 9th place in EMEA, with a 3.5% market share – but it continues to cut senior staff.

ECM might seem like an obvious target for cuts, except that it’s had an amazing start to 2017. There have been 176 deals worth $25.3bn in EMEA during the first quarter, up 94% on the same period in 2016, says Dealogic. Barclays is sitting in eighth place, up from 18th in Q1 2016.